Action
A player's turn to act, or a general term for betting activity at the table. "The action is on you" means it's your turn.
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What Is Action?
Beyond simply indicating whose turn it is, 'action' also describes the overall level of betting and raising happening at a table -- a game with lots of raising and big pots is often called an 'action game.' Dealers and players use the phrase to keep the hand moving in an orderly fashion, and acting out of turn can create angle-shooting concerns for the players still to act.
Examples
The dealer says 'action is on you' when it becomes your turn to check, bet, call, raise, or fold.
A cash game known for loose, aggressive players is often described as having a lot of action.
Strategy Tips
Always wait for the action to reach you before making any statement or gesture about your hand, since acting out of turn can give away information to players who haven't acted yet. Pay close attention to the action as it moves around the table so you can accurately gauge stack sizes, pot size, and opponents' tendencies before your turn arrives. Being aware of the action also helps you avoid costly procedural mistakes like checking out of turn.